The invention discloses modified environmental protection plastic with high ductility, impact resistance and oxidation resistance. The modified environmental protection plastic comprises the following raw materials in parts by weight: 45-50 parts of poly butylenes succinate (PBS), 30-35 parts of poly-beta-hydroxybutyric acid (PHB), 20-25 parts of peanut protein powder, 2.5-3 parts of potassium titanate fiber, 12-15 parts of coconut fiber, 1.2-1.7 parts of a silane coupling agent KH570, 2-3 parts of sodium sorbate, 1.1-1.6 parts of ethyl p-hydroxybenzoate, 1.4-1.6 parts of dioctyl phthalate (DOP), 1,2-1.6 parts of zinc stearate, 3-5 parts of starch acetate, 15-18 parts of talcum powder, 7-11 parts of wollastonite powder, 5-9 parts of calcite powder, 7-11 parts of sepiolite,1-1.4 parts of tertiary butyl hydroquinone (TBHQ) and 1-1.4 parts of 2,6-di-tert-butyl-4-methylphenol (BHT). The modified environmental protection plastic disclosed by the invention can be decomposed by microorganisms and is high in ductility and good in impact resistance and oxidation resistance.